The value of dogecoin dropped sharply in early U.S. hours on Sunday, after Tesla chief and cryptocurrency supporter Elon Musk called it a 'hustle' during his guest-host spot on the "Saturday Night Live" comedy sketch TV show. Dogecoin was quoted as low as $0.47 on crypto exchange Binance, down 28% from levels around $0.65 before the show. The billionaire Tesla Inc chief executive hosted the show at 11:30 p.m. EDT on Saturday (0330 GMT on Sunday).
With the price of dogecoin surging, investors are looking ahead to Elon Musk's guest-host spot on this weekend's "Saturday Night Live" comedy sketch TV show after the billionaire's tweets this year turned the once-obscure digital currency into a speculator's dream. The timing puts Musk, who is also known as an enthusiast of cryptocurrencies, back in the spotlight just as Tesla's stock is losing steam following last year's monster rally.
Yahoo Finance’s Pras Subramanian reports details on Tesla’s fourth consecutive price increase.